Term
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Definition
| process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment |
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Term
| Who is the focus of Marketing? |
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Definition
Customers (purchasers of organizations' products; focal point of all marketing activities)
Target Market (a specific group of customers on whom an organization focuses its marketing efforts) |
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Term
| The 4P's aka the Marketing Mix Variables |
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Definition
| Product, Price, Distribution, Promotion |
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Term
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Definition
| A product can be a good, service or idea |
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Term
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Definition
| Relates to decisions and actions associated with establishing pricing objectives and policies; relates to determing product prices, determines the value of the exchange |
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Term
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Definition
| Make products available in quantities desired; minimize cost (inventory, transportation, and Storage; select/motivate intermediaries; establish/maintain inventory control; develop/manage transportation and storage systems |
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Term
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Definition
| Inform individuals or groups about the organization and its products/services (advertising, public relations, personal selling, promotions, street teams, viral marketing) |
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Term
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Definition
| Six forces that surround the customer and affect the marketing mix (company has no control over these forces) |
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Term
| The forces in a Marketing Environment |
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Definition
| Economic, Political, Legal and regulatory, Technological, Socio-cultural, competitive |
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Term
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Definition
| a management philopsophy thhat an organization should try to provide products that satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals (not a second definition of marketing or philanthropic philosophy; a firm must satisfy its own objectives) |
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Term
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Definition
| Industrial revolution improved speed and efficiency; large increases in available products |
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Term
| Evolution of the Marketing Concept |
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Definition
| Product Orientation -> Sales Orientation -> Market Orientation |
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Term
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Definition
| Many products with not enough demand; businesses viewed sales and selling as the main means of increasing profits |
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Term
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Definition
| An organization-wide commitment to researching and responding to customer needs; determine what customers want and produce those products |
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Term
| Value driven Marketing (Value) |
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Definition
| a customer's subjective assessment of benefits relative to costs in determing he worth of a product |
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